VOLVO CRASHES: Shares Plunge 28% on China Sales Collapse, Job Cuts...

Volvo Cars' stock fell 28% after the Swedish automaker reported a significant drop in Chinese vehicle sales and announced fresh workforce reductions. The collapse reflects broader troubles in the world's largest electric vehicle market, where competition has intensified and demand has softened. Volvo, which depends heavily on Chinese consumers and production, faces mounting pressure from both established rivals and aggressive EV startups battling for market share in a country where price wars and overcapacity have squeezed margins across the industry.